After years of growth and expanding their financial sector, Iceland now finds itself knee-deep in trouble.
On the outside, Iceland may seem like a paradise with it's low unemployment rate and average income per person higher than that of the EU, but over the years, problems have been building up under the surface.With the household depts surging to a staggering 213% of the disposable income and only 30 cents of every loan being backed up by deposits, the government is forced to step in and save the day by privatising some of the largest banks.
With all this mayhem, Iceland may very well end up in the economic manuals as an extreme exemple of how a strong growth in the financial system may bring a country down when not backed up by an equally strong economy
Kelly Derickx
1 opmerking:
Great topic; fine, coherent, elegantly written text - but far too many errors!
Iceland's
ITS low unemployment rate
no comma after 'years'
deBts (plus no definite article needed here)
disposable income: no 'the' needed
exAmple
strong growth: no 'a' needed
full stop missing at the end
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